FNB partially freezes former President Jacob Zuma’s accounts

Johnathan Paoli

First National Bank (FNB) has announced the partial limitation on former president Jacob Zuma’s accounts following legal action by liquidators of the VBS bank over an outstanding loan.

FNB issued a statement on Wednesday and said the account was not completely frozen, as incoming payments would still be possible.

However, the bank said any outgoing payments would be halted until the complete repayment of the outstanding amount.

“This instruction from the court results from the process currently being managed by the VBS Bank liquidators, and FNB was legally required to comply. Former President Zuma’s recourse now lies with the courts and VBS liquidators,” FNB said.

The writ of execution issued by the court, was served on FNB on 29 February this year, and said that the amount to be realised from the attached accounts is R2.9 million with interest at the rate of 10.25% a year to be